The next flagship device from LG Electronics (LG) will be officially known as G2 and will be the first smartphone from LG to be launched as part of the company?s new "G" premium brand, the South Korean company announced.

Future smartphones in the same series will carry only the G name while the branding of mobile devices that have already been introduced will continue unchanged, LG said.

"Our vision is to make LG's newest G devices synonymous with excellence, raising the bar even further for the ultimate in user experience," said Dr. Jong-seok Park, president and CEO of the LG Electronics Mobile Communications Company. "The new G2 will build upon the excellent reputation established by previous G Series products."

The G2 smartphone is widely expected to be unveiled during a press event in New York on August 7. The successor to the Optimus G will be powered by a 2.3GHz quad-core Snapdragon 800 processor, it will run Android 4.2.2 Jelly Bean and will sport a 5.2 inch full HD IPS display, a 13-megapixel camera, dual speaker, LTE-A and 2GB of RAM. LG has also applied a new design to Optimus G2 eliminating front and side buttons.

LG has set the sales target for Optimus G2 at 10 million units. This is almost twice as much as the highest sales volume of preceding models. In the previous quarter, LG Electronics ranked the 3rd in the smartphone market with 4.9% market share. However, its status is a bit unstable due to the competitors chasing closely, including Huawei and ZTE.

Furthermore, LG announced that its premium 4:3 display smartphones would be rebranded as simply "Vu:" going forward.